emmanuelewumi:
A worker who retired after working for 30 years with N50 million in his Retirement Savings Account, and opted for 25% of the fund to pay to him as a lump sum, when used the remaining 75% of the fund to buy a 20 years annuity at 10%.


The lump sum at retirement will be N12.5 million.

The Remaining N37.5 Million will be used to buy an annuity.

Using an annuity calculator, the retiree will earn 359k for 20 years. Which is not bad. He can reinvest 10% of the monthly payment to cushion the effects of inflation


But workers want to be paid the full N50 million at retirement, it can't work

hmmmm insightful. But most of this pension Administrator usually push/advise for programmed withdrawal.
Is annuity paid monthly or yearly?

emmanuelewumi:


I will choose programmed withdrawal. The assets in the Retirement Savings Account will appreciate over the next 20 years, that will automatically increase my monthly payout to adjust with the performance of the fund

Once you are start monthly withdrawal it's static payment o! My uncle opted for programmed withdrawal and is still been paying 30k despite the performance of stanbicBTC

emmanuelewumi:



So funny, the only way the middle class think you can get income is solely by having a 9 to 5 job. What happens to enterpreneurship, small businesses, part time job of 15 hours to 20 hours per week, working from home, investments, passive income etc.

name them

Why so? He is very correct. Not everybody stays in Lagos, Port Harcourt and Abuja.

QuinModah:
Do you live in Nigeria?

ojesymsym:
Why so? He is very correct. Not everybody stays in Lagos, Port Harcourt and Abuja.

100k with inflation at 16%

tolajay:
Does anyone have a firm idea of when the Dangote Refinery will be operational and its impact on FX?

Nothing just buy the shares of Dangote to hedge.

emmanuelewumi:



Because it is not easy to get a guarantee from them or their employer as per payment.

So, what do I do as regards that?

Lazyyouth4u:


Guarantee from the employers? Hmm. Okay o

For Nigeria?!

lol... Even many young salary earners live on that with their families even in Lagos, non be everybody get money like una.

How much do domestic staff earn? Even companies pay graduates that amount. What am I even saying, many of those guys you see in the banking hall even in lagos earn less than 100k, especially the tellers who are contract staff not to talk of a retiree who stays in one village with a very low GDP

QuinModah:
100k with inflation at 16%

emmanuelewumi:




I know it is a multiple million dollar dry cleaning business, with branches all over the country

hmmmmm you really very knowledgeable about investment properties.

Please, I have a lawyer handling my property but his not been up and doing in my own opinion.

Tenant A left with a balance of 50k with the control box of the pre-pair meter and imagine he went to collect the key of the apartment from the tenant and his telling me it's bad debt. He doesn't even know where he relocated to, I was even the one that went to meet some of the boys in the area and bought few drinks for then and they told me where he relocated too.

The B had 6 months left on his tenancy agreement we took him to court, the court ruled in our favor for the tenant to pay 245k, he packed out without paying anything. Prior to this time, he assure me that the tenant will pay, saying that if doesn't pay the tenant property will be used to offset the debt owed as long as we get a ruling from the court.

In summary, =N=295,000 gone to bad debt.

Finally, I decided going forward due diligence MUST be carried out, he didn't do as instructed, he didn't visit his former house or his current office

Please, how do I handle it his type of lawyer ?

ojesymsym:
lol... Even many young salary earners live on that with their families even in Lagos, non be everybody get money like una.

How much do domestic staff earn? Even companies pay graduates that amount. What am I even saying, many of those guys you see in the banking hall even in lagos earn less than 100k, especially the tellers who are contract staff not to talk of a retiree who stays in one village with a very low GDP

Village , yes understandable, but not in the city you mentioned

QuinModah:
hmmmmm you really very knowledgeable about investment properties.

Please, I have a lawyer handling my property but his not been up and doing in my own opinion.

Tenant A left with a balance of 50k with the control box of the pre-pair meter and imagine he went to collect the key of the apartment from the tenant and his telling me it's bad debt. He doesn't even know where he relocated to, I was even the one that went to meet some of the boys in the area and bought few drinks for then and they told me where he relocated too.

The B had 6 months left on his tenancy agreement we took him to court, the court ruled in our favor for the tenant to pay 245k, he packed out without paying anything. Prior to this time, he assure me that the tenant will pay, saying that if doesn't pay the tenant property will be used to offset the debt owed as long as we get a ruling from the court.

In summary, =N=295,000 gone to bad debt.

Finally, I decided going forward due diligence MUST be carried out, he didn't do as instructed, he didn't visit his former house or his current office

Please, how do I handle it his type of lawyer ?

Who is the person who collects rents from the tenants?

Is it the lawyer or is it the landlady?

It appears you are not ready to pay for the cost of carrying out a proper due diligence

QuinModah:
So, what do I do as regards that?

So as much as possible avoid dealing with such prospective tenants

QuinModah:
Once you are start monthly withdrawal it's static payment o! My uncle opted for programmed withdrawal and is still been paying 30k despite the performance of stanbicBTC

Same with annuity.

Maybe your uncle's retirement savings account is static.

For how long will he be paid through the programmed withdrawal?

QuinModah:
hmmmm insightful. But most of this pension Administrator usually push/advise for programmed withdrawal.
Is annuity paid monthly or yearly?

Depends on what you want, monthly, bimonthly, quarterly, semi annually or annually

QuinModah:
name them

Investments give passive incomes.

QuinModah:
thsys if the landlord is staying in the same compound

Most landlords just collect money for agreements from their tenants and then pocket it.

Get a lawyer to draft your agreements, pay the lawyer for the job, stamp and register the agreement at the nearest court.

Put the relevant classes in the agreement that will protect you and your investment, your agents or lawyers have the right to come and inspect the apartments once or twice in a year

afroxyz:


In other words, the people I give my money, would need to give another people (who are SEC approved) the money to secure

I think they are supposed to be a platform for small investors to invest their money indirectly in stocks and funds managed by SEC approved fund managers.

So if small investors buy stocks or invest their money using these platforms, the platform takes the money to invest through brokers and fund managers and charges a fee (to the small investors) which it shares with brokers and fund managers. This makes sense.

My only concern is when they ‘safelock’ money and guarantee returns. In this case, they will be investing the money themselves. That is risky.

I saw a video where one of them said they invested earlier in long term bonds and that this allows them to continue to pay out higher interest rates in a low interest market. The question is where did a start up with no money get the funds to buy up so many bonds? What happens if interest rates go up in the future and they are still holding these old long term bonds?

Also, how is the same AICO that is ‘managing’ their funds not able to offer the same 13%? One of AICO’s marketers posted a very pitiful 3% offer here a few days ago.

It doesn’t take a genius to predict that one or two of these fintech ‘asset managers’ will go bust in the near future. Na that time all man eyes go clear.

The way they operate makes them very susceptible to a downturn in market conditions. Especially when they start investing money directly in the markets.

Lazyyouth4u:


I think they are supposed to be a platform for small investors to invest their money indirectly in stocks and funds managed by SEC approved fund managers.

So if small investors buy stocks or invest their money using these platforms, the platform takes the money to invest through brokers and fund managers and charges a fee (to the small investors) which it shares with brokers and fund managers. This makes sense.

My only concern is when they ‘safelock’ money and guarantee returns. In this case, they will be investing the money themselves. That is risky.

I saw a video where one of them said they invested earlier in long term bonds and that this allows them to continue to pay out higher interest rates in a low interest market. The question is where did a start up with no money get the funds to buy up so many bonds? What happens if interest rates go up in the future and they are still holding these old long term bonds?

Also, how is the same AICO that is ‘managing’ their funds not able to offer the same 13%? One of AICO’s marketers posted a very pitiful 3% offer here a few days ago.

I had a similar discussion with a cousin.... Someday someone with a large fund in the system will pull out his/her fund... then we all will see the "furo adiye"

QuinModah:
name them

You have been around the investment section for a while but you it seem you just discovered this thread last night. I am surprised...! But not completely because those Agritech Ponzi investment have a way of hoodwinking an intended investor especially if you are fixated on the returns alone. Hope you didn't loose any money to them ooo.

Welcome.. !

Lazyyouth4u:
It doesn’t take a genius to predict that one or two of these fintech ‘asset managers’ will go bust in the near future. Na that time all man eyes go clear.

The way they operate makes them very susceptible to a downturn in market conditions. Especially when they start investing money directly in the markets.

You are a smart guy/lady whichever is applicable

emmanuelewumi:



You are a smart guy/lady whichever is applicable

Guy

Some interesting observations about wealth and personal finance.

1. Based on my calculations it appears inflation is not 2 digits as portrayed in d media, it is closer to 8%. Prices of goods and services appear to have been doubling every 10years on average (this view is empirical and based on my limited observations only).

2. To maintain an equivalent 6mil a year life style ten years from now will require about 12mil(doubling effect caused by inflation) cos of point 1 above. Well some services like rent have not been moving at that pace though, thank God.

3. If u amassed 100m Naira in ur earlier years and decide to retire confidently with a 10% return annually from ur investments. (Assuming u can find a passive investment that maintains 10% return on average for d next couple of decades)

4. U will go broke 20 years after, that is if u maintain an equivalent life style of 6m(500k a month) today with no new sources of cash inflows.

5. I made a small excel calculation which I attached below. U can see that initially ur interest can catter for ur lifestyle with decent change and overall balance stays above d original 100m. But, down the line u start spending more money to maintain equivalent level of living and ur capital start eroding.

6. I believe that is d reason why some high earning people(mostly employees and salary earners) end up poorer a couple of years after retirement.

7. This is scary sha.

freeman67:


You have been around the investment section for a while but you it seem you just discovered this thread last night. I am surprised...! But not completely because those Agritech Ponzi investment have a way of hoodwinking an intended investor especially if you are fixated on the returns alone. Hope you didn't loose any money to them ooo.

Welcome.. !

I didn't invest a dime but warned them after my cousin's 3m went into thing air with 4 agritech, she is still crying

emmanuelewumi:


Who is the person who collects rents from the tenants?

Is it the lawyer or is it the landlady?

It appears you are not ready to pay for the cost of carrying out a proper due diligence

The lawyer collects the rent. Kindly direct me to companies that do such.

QuinModah:
The lawyer collects the rent. Kindly direct me to companies that do such.

A company does it for most of the microfinance banks in Lagos, you can do a Google search.

You can also sent someone to verify the information filled by the prospective tenant in the Know Your Tenant form

freeman67:


You have been around the investment section for a while but you it seem you just discovered this thread last night. I am surprised...! But not completely because those Agritech Ponzi investment have a way of hoodwinking an intended investor especially if you are fixated on the returns alone. Hope you didn't loose any money to them ooo.

Welcome.. !

Most of the investors lost money. A lot is wrong in that space

ositadima1:
Some interesting observations about wealth and personal finance.

1. Based on my calculations it appears inflation is not 2 digits as portrayed in d media, it is closer to 8%. Prices of goods and services appear to have been doubling every 10years on average (this view is empirical and based on my limited observations only).

2. To maintain an equivalent 6mil a year life style ten years from now will require about 12mil(doubling effect caused by inflation) cos of point 1 above. Well some services like rent have not been moving at that pace though, thank God.

3. If u amassed 100m Naira in ur earlier years and decide to retire confidently with a 10% return annually from ur investments. (Assuming u can find a passive investment that maintains 10% return on average for d next couple of decades)

4. U will go broke 20 years after, that is if u maintain an equivalent life style of 6m(500k a month) today with no new sources of cash inflows.

5. I made a small excel calculation which I attached below. U can see that initially ur interest can catter for ur lifestyle with decent change and overall balance stays above d original 100m. But, down the line u start spending more money to maintain equivalent level of living and ur capital start eroding.

6. I believe that is d reason why some high earning people(mostly employees and salary earners) end up poorer a couple of years after retirement.

7. This is scary sha.

Corporations have retained earnings, these are parts of their earnings ploughed back and reinvested in the business.

Smart Investors also do it. Not a bad idea to plough back 10% to 60% of our steady cash flow for reinvestment in order to get the compounded effects.

QuinModah:
hmmmmm you really very knowledgeable about investment properties.

Please, I have a lawyer handling my property but his not been up and doing in my own opinion.

Tenant A left with a balance of 50k with the control box of the pre-pair meter and imagine he went to collect the key of the apartment from the tenant and his telling me it's bad debt. He doesn't even know where he relocated to, I was even the one that went to meet some of the boys in the area and bought few drinks for then and they told me where he relocated too.

The B had 6 months left on his tenancy agreement we took him to court, the court ruled in our favor for the tenant to pay 245k, he packed out without paying anything. Prior to this time, he assure me that the tenant will pay, saying that if doesn't pay the tenant property will be used to offset the debt owed as long as we get a ruling from the court.

In summary, =N=295,000 gone to bad debt.

Finally, I decided going forward due diligence MUST be carried out, he didn't do as instructed, he didn't visit his former house or his current office

Please, how do I handle it his type of lawyer ?

Rental property and its inherent wahala. Please, invest in REITs and get your regular annual rent without stress. Imagine, you have to buy drinks for area boys. Which kind wahala b dis?

People will go broke before they die, if they have the intentions of spending everything they have because they don't work their children to inherit anything from them as a result they refused to build up their retained earnings

QuinModah:
100k with inflation at 16%

Which inflation in the village?. Does inflation affect palmwine, bush meat, akamu, akara wen dem make with firewood from the forest, fish from the river, accommodation in the family house, local fowl wen dey waka for compound, local goat wen dey waka for compound etc.

Btw, what is the price of a basket of tomatoes in Lagos and a village in Kano?.